“Banks have no choice but to roll out this platform.” – Steve Bacastow, Dove Consulting
Research firm Gartner predicts U.S. banks will start shutting down full-service mobile-banking in the next two years. Few readers of American Banker agree with Gartner, saying, “Gartner missed the boat on this prediction.”
If the growing mobile trend in the credit union industry is any indication, it would appear Gartner is indeed off-the-mark.
According to the Credit Union Times, MShift has recently deployed its mobile banking platform with 13 more credit unions, bringing the total number of CUs using its software to 65.
The new MShift CU customers range in size from $3.5 billion to $70 million in assets.
MShift’s mobile platform includes bill pay, transfers, account summaries, account history and ATM locators.
MShift isn’t the only recent big winner in the mobile banking space. PM Systems just added six more credit union customers, ranging from $587 million to $23 million in assets.
This brings to total more than 50 credit unions that now run PM System’s full mobile banking system (source: The Credit Union Times).
Add TAPCO to the list, too. TAPCO’s new mobile banking system enables members to securely view their account balances, transfer funds, and electronically pay their bills.
Bottom Line:
- Every mobile phone will be connected to the Internet very soon.
- Via one method or another, people will be using phones to perform banking activities.